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Vodafone has been ripping higher, and investors are looking for the upside to continue.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 30,000 October 32 calls for $0.20 and the sale of an equal number of October 30 calls for $0.80. Volume was below open interest in the 30s, which indicates that an existing position was closed and rolled to the higher strike.

The investor collected a credit of $0.60 and remains exposed to upside in the global telecom giant. (See our Education section)

VOD is up 1.5 percent to $29.68 in afternoon trading. The stock is up 5 percent in the last month and is now flirting with levels last seen in early 2011.

A similar trade also occurred in the September 29 calls and the October 31 calls. The 29s were sold for $1.15 and the 31s were bought for $0.40. This time, they collected $0.75 and have an additional month of upside exposure.

In both cases, it appears the investor was taking some profits from a winning trade but wants to remain long in case further gains occur.

Overall option volume in VOD is 9 times greater than average, with calls outnumbering puts by more than 200 to 1.

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